A coin minted during the reign of one of Great Britain’s most famous monarchs recently fetched a record price at auction. The officially designated Elizabeth I (1558-1603) gold “Ship” Ryal of 15 Shillings ND (1584-1586) MS63 NGC sold for $372,000 by Heritage Auction in November. The sale set a world record for an Elizabeth Ship Ryal sold at auction.
A ryal was a gold coin typically from Scotland, but is not currently minted in the United Kingdom. One ryal was generally equivalent to 60 shillings and a former silver coin equal to 30 shillings. One of the most well-known ryals in coin history is the Rose Ryal. It was struck originally during the reign of King James I of England (1603–1625), the Stuart monarch who followed Elizabeth I’s reign. The Tower Mint describes the Rose Ryal as “a bold proclamation of power, prestige, and divine right.” Today, a rial is the standard unit of money used in Iran, Oman, and Yemen.
Only a few of these English Ship ryals were minted between 1584 and 1586 and were typically low grade. Scholars believe that it was made in response to the gold that was captured from the Spanish galleons during English privateer (or a pirate, depending on who you ask) Sir Francis Drake’s days. The designs and symbols on the coin include a likeness of Elizabeth I on a ship, wearing a ruff and gown and holding a scepter and orb. This image of the monarch is believed to represent England’s dominance of the seas at the beginning of American colonization and the eventual defeat of the Spanish Armada in 1588.
The coin’s reverse depicts a cross with floral designs at the center, with a rose on a radiant sun, and crowned lions. The Latin text encircling the center images reads, “IHS AVT TRANSIENS PER MEDIV ILLORVM IBAT.” According to the Royal Mint Museum, this inscription was printed on many Tudor half-sovereigns and is a biblical reference to Luke 4:30. It translates to “But Jesus, passing through the midst of them, went His way.”
“This is an incredible coin from an incredible collection, and it’s only appropriate that it produced a record result,” Heritage’s Managing Director of World & Ancient Coins Kyle Johnson said in a press release. “It is one of the most coveted and eagerly pursued pieces among British numismatics collectors and among the last coins struck in this medieval design style. These types are incredibly rare, one of the greatest numismatic rarities of the Elizabethan era.”
